In a computer system, what is the significance of the least significant bit $($LSB$)$ and the most significant bit $($MSB$)?$

The LSB represents the largest value, while the MSB represents the smallest value.

The LSB represents the rightmost bit, while the MSB represents the leftmost bit.

The LSB is always set to $1,$ and the MSB is always set to $0.$

The LSB is used for positive numbers, while the MSB is used for negative numbers.